In a new report, the Toronto Real Estate Board announced that the average rents for one-bedroom and two-bedroom condos in the GTA noticeably went up on an annual basis in Q4 2017, based on transactions reported by the metropolitan area’s brokers through the Board’s MLS® System.

The average rent for one-bedroom condo apartments in TREB’s jurisdiction went up by 10.9% on a year-over-year basis in the 4th quarter, up to $1,970. Meanwhile, the average two-bedroom condom apartment rent increased by 8.8% over the same period, up to $2,627.

“As the population in the GTA continues to grow, so too does the demand for rental accommodation. The problem is that rental supply has not kept up with the increase in demand in recent years. The result has been low vacancy rates and intense competition between renters for available units. This competition has underpinned very strong growth in average rents,” TREB president Tim Syrianos said last week.

The number of condo apartments listed during Q4 2017 went down by 3.4% compared to the year prior. The number of units leased fell by 0.7%.

“Looking forward, we continue to have concerns that rent control legislation announced in conjunction with the Ontario Fair Housing Plan will preclude additional rental supply coming on stream, both in the purpose-built and investor-held condominium apartment segments,” TREB director of market analysis Jason Mercer explained.

“Going further, it is possible that current owners of condominium apartments could choose to list their units for sale to take advantage of recent price gains rather than rent their units to tenants under the new rent control regime.”

It’s been 37 years since Canada’s Wonderland opened its gates in Vaughan and Wonder Mountain became a local landmark. And just as the country’s first major theme park rose from a blank canvas, so too is the city’s new downtown.

“Vaughan is a city on the move,” says Mayor Maurizio Bevilacqua. “With a downtown core rising from the ground, a new hospital under construction and the subway opening, these and many other exciting projects are changing the landscape of our growing community.”

Vaughan includes the communities of Concord, Kleinburg, Maple, Thornhill and Woodbridge. Officially incorporated as a city in 1991, it was the first city in York Region but hasn’t had a proper downtown. Until now.

Today, the Vaughan Metropolitan Centre (VMC) at Hwy. 7 and Jane Street is taking shape. In addition to transit mobility, it will feature greenspaces and parks, office and condo towers, pedestrian links, retail and entertainment.

By 2031, more than 11,500 jobs will be created and 25,000 people will be living in 12,000 residential units. “Vaughan truly is in the midst of a golden era,” Bevilacqua says.

As impressive as those numbers are, VMC is about much more than that. “Ultimately, you want to create the human experience in a city so people want to live there,” he says. “I promote this concept called ‘sensorybased planning’ and it’s not just about the number of storeys in a building but it’s how people feel living in a city â€” what can they see and touch, and what is their existential reason for living in that city.”

He points to the municipality’s decision to put social infrastructure in place as it builds the heart of the city and not after the fact.

The YMCA will have a fullservice daycare, the community centre will have a community kitchen and the library will have dedicated children spaces in addition to a new 24-hour concept (part of the library will be open all day/night).

All are currently under construction and set to open in 2019. The city is also developing 7.5 hectares of new parkland.

Vaughan made history by welcoming the TTC Line 1 Extension late last year. “This is the first time in TTC history that a subway has crossed Toronto’s borders,” says Bevilacqua. “Vaughan is now linked directly with the core of Toronto with a 42-minute ride from the VMC Station to Union Station.”

The city is home to two additional TTC stops: Pioneer Village Station and 407 Station.

Already, more than 700 residential units are occupied and more than 7,000 units are proposed or under construction. Expo City is the first residential address in VMC.

Towers 1 and 2 are the tallest buildings in Vaughan at 37 storeys and occupied. Towers 3 and 4 were approved by council last spring.

Transit City 1 and 2 by SmartCentres and CentreCourt has been approved. Transit City 3, The Met by Berkley Plaza Corp, Cosmos by Liberty and Icona by Gupta are all in the planning stages.

The KPMG Tower, the first office in the new downtown, employs about 800 people. More than 300 businesses are already located in the VMC, including Bar Buca, Miller Thomson, GFL Environmental, Harley Davidson and FM Global.

“The VMC will be a downtown core with a Vaughan signature,” Bevilacqua says. “I always say that if you are standing in our downtown core and you think you are standing in many other cities, then we have failed. I think our downtown will be unique; people will know they are in Vaughan.”

1. Kills unwanted grass on sidewalks and driveways poured on full strength. 2. Kills weeds the same way but may require two or three applications. 3. Deters ants. Spray vinegar around doors and window and along ant trails. 4. Coat car windows the night before with 3 parts vinegar to 1 part water..no frost. 5. Polish car chrome. Apply full strength with a soft cloth. 6. Remove skunk odour from a dog by rubbing into the fur. Beats tomato juice. 7. Tenderize meat by soaking it in vinegar over night. 8. Rub vinegar on fish 5 minutes before scaling and make the job easy. 9. Lotion of half cider vinegar and half glycerin and apply to warts…see them go.10. Two tablespoons of vinegar to a quart of water before boiling eggs keeps them from cracking.

The Cities of Vaughan and Oshawa have each announced a record breaking year for construction value in 2017. The two Greater Toronto Area urban centres released information on their highest years for residential construction and number of building permits issued. Oshawa broke 10 building records including seven all-time records (mostly set in 2015), while Vaughan is seeing momentum with extensive development of the city centre, construction of a new hospital and the extension of the University Subway line.

Vaughan reported a 2017 construction value of $1.969 billion between the 5,328 permits issued in 2017, well surpassing last year's value of $1.149 billion. In a statement issued by Mayor Maurizio Bevilacqua, he notes that "the City's growth in the last eight years has been remarkable." Construction values equal an amount of more than $5 million in construction activity per day in the city. Bevilacqua adds "these outstanding construction values represent a strong economy, a destination of choice and a prosperous place to live." In a recent citizen survey conducted by the City of Vaughan, it was revealed that 97% of residents believe "life is good" in Vaughan, and enjoy their quality of life.The announcement comes as no surprise considering the recent completion of the Toronto York Spadina Subway Extension, which includes new stations up to the Vaughan Metropolitan Centre. Recent announcement of the proposed Expo City 5, a 61-storey tower as the 5th phase of Expo City will add to this development boom in coming years.Further from Toronto, Oshawa announced the city had surpassed a $600 million construction value for building permits in 2017- a first in its history. Having issued 2,286 building permits, Oshawa reached just over $614.3 million, breaking a 2015 record by $56 million. Of this, residential construction dominated with $483.5 million in construction permits, $29 million more than the 2015 record. Oshawa constructed 555 residential dwellings in July alone, with $144.9 million worth of construction taking place that month. Topping the list is University Studios at 1900 Simcoe Street north, a new apartment complex with a construction value of approximately $24 million.

Government and institutional construction was held the next highest value, at $60.2 million. Mike Leonard, Oshawa's Chief Building Official notes, "not only has our construction volume increased, but also the types of buildings we are reviewing are larger and more complex." Durham District School Board saw construction of a new elementary school at 2200 Bridle Road, costing $11.9 million and extensive renovations to Oshawa Central Collegiate with a cost of $10 million.

Winter is the perfect time to turn your basement into a cozy, comfortable living space. Finishing your basement is also the most economical way to enlarge the effective size of your home.But doing this properly is not the same as building and finishing above-ground spaces — it takes special skills and knowledge. If basements aren't finished correctly, it can lead to mould and poor indoor air quality. That's one of the reasons why you need to be careful when hiring a contractor for this specialized project.You need a specialist who can create a basement space where moisture is kept away from materials that support mould growth. To find if you're dealing with a real pro, ask questions and listen to the answers. Here are four to keep in mind.What do you do to keep organic materials away from moisture? Mould-prone materials like wood need to be kept dry, and this can be a challenge in floors and exterior walls unless the contractor knows what to do.What do you do to protect from moisture build-up behind exterior walls before finishing? Even with basements that have a track record of being dry, adding insulation can result in moisture build-up. Additional waterproofing or an impermeable vapour barrier can protect the wall, so ask the contractor how they would do this.How will you insulate the rim joist area where floor joists meet outside walls? This area is particularly prone to moisture problems. One widely used and proven approach to discouraging mould in this crucial area is to apply high-density spray foam.May I contact previous clients you've finished basements for? Always ask for names and numbers, both of people who've had recent work done and clients from three or four years ago. Never sign up with a contractor who won't provide references.The Canadian Home Builders' Association offers free information on how to hire a contractor the smart and safe way. Find more information at www.getitinwriting.ca.

Whether you're a millennial buying your first home or a boomer downsizing, entering the housing market can be stressful and challenging. To make the process smoother, here are five helpful tips that Realtors use from the Ontario Real Estate Association.Understand industry lingo. From the Buyer Representation Agreement to the Agreement of Purchase and Sale, there are a number of legal documents with technical names that you need to know. Work together with your Realtor to make sure you understand these documents and what to expect throughout the process of buying or selling.Think outside the box. If you're looking for a new home, don't limit yourself with a strict checklist of must-have features. Try to be flexible because you might find that your dream property isn't exactly what you imagined. For example, a larger home isn't necessarily better, since a great layout and the right combination of rooms and storage space can have a big impact on the comfort and flow of everyday living. Similarly, when selling a home, decorate and choose furniture to create multifunctional spaces. For instance, kids' bedrooms can be reimagined as guest rooms or home offices.Consider winter. Many people flock to buy or sell in the spring and summer when the weather is warmer, but entering the market during the winter has its advantages. As a buyer, you'll have less competition and may be able to negotiate a better deal. As a seller, there may be fewer properties on the market, which can help your home stand out; also you'll attract more serious buyers for viewings since house hunting is more of an effort when it's cold and snowy outside.Get your plans in order. Having a well-thought-out plan is a must for both buyers and sellers. Planning ensures a seamless transaction once an offer is made and accepted. For sellers, this means making sure each homeowner listed on the deed is in agreement to sell and that a move-out date has been arranged for tenants (if you have them). For buyers, it's wise to have your mortgage pre-approved and a home inspector chosen, this way you'll have your finances and someone who can evaluate the property ready for closing.Stage the interior. Sellers should stage their homes to attract greater interest. By focusing on curb appeal, decluttering and making sure the home is well lit, your property will stand out to potential buyers. On the flipside, if you're shopping for a home and the seller hasn't put any effort into staging, a Realtor can help you cut through the clutter to envision the home's full potential.For more information about buying or selling a home visit www.orea.com.

If you're house hunting this season, you want the process of finding and buying your dream home to be an enjoyable, stress-free experience. To help, we've made a list of five essential forms that you'll encounter along the way.Buyer Representation Agreement. If you're being represented by a brokerage then you're considered their client and this form outlines the legal agreement between you and your brokerage. It contains an explanation of the many items, including the services the brokerage will provide to you, fees for those services, the obligations you have as a client and the expiry date of the agreement.Customer Service Agreement. If you prefer not to enter into a client contract with a brokerage, then you may choose to be a customer and will receive a different service than if you were a client. As a customer, you will be treated fairly & ethically and will be provided honest information while your Realtor takes care not to misrepresent any facts.Confirmation of Co-operation and Representation. This form confirms representation or customer relationships between the brokerages and the buyers and sellers. This form also details remuneration to be paid. You'll be asked to sign a CCR before making an offer or any negotiations on a property.Agreement of Purchase and Sale. This form is used initially by a buyer when making an offer on a property. Once the offer is made and accepted, the offer becomes a legally binding contract. Be sure you understand what's in your offer before you sign it. Agreeing on a price is important, but make sure you speak to your Realtor about other details like the possession date, conditional terms, and which chattels or fixtures will be included or excluded with the home.Listing Agreement. This form is the agreement between a seller and their real estate brokerage. The Listing Agreement forms the basis for drafting an offer on a home and includes directions about negotiations.Find more information about essential forms and using a Realtor by visiting www.orea.com.

The Homebuyers’ Road Map is a public information toolkit to help homebuyers make informed decisions and planning when choosing a home. This project is a collaboration between The Canadian Real Estate Association and the Financial Consumer Agency of Canada.

Toronto Mayor John Tory supports a proposal to significantly rein in a controversial program that has given developers tens of millions of dollars in tax rebates to spur office tower construction even as the city's downtown enjoys an unprecedented building boom.On Wednesday, Mr. Tory's executive committee is to debate proposed reforms to the city's decade-old Imagination, Manufacturing, Innovation and Technology (IMIT) property-tax incentive program, which typically allows qualifying developers to obtain a rebate worth 50 per cent to 70 per cent of the property taxes owed over a new building's first 10 years. The tax break is meant to allow landlords to offer cheaper rents and make it easier to attract tenants.The program has come under scrutiny, however, as it has pledged millions of dollars in tax handouts even as Toronto's downtown office market has become among the hottest in North America.The proposed changes would see most applications from developers within a broadly defined downtown core -- where the city's office boom has exploded in recent years --excluded from any subsidies, except for rare, massive, "transformational" development projects. Buildings from Bathurst Street to the Don Valley, and as far north as Dupont Street, would otherwise be ineligible for the tax rebates. The reforms would also make other changes, including imposing higher environmental standards for buildings seeking tax breaks.Mr. Tory said the current program led to concerns about "office shuffling," in which some downtown Toronto office tenants could be induced to move and enjoy discounted rent in newly constructed buildings, built only after a "big cheque from the city" was handed to their new landlords."We're only going to use it where needed and when needed," the mayor said in an interview. "And we're going to use it subject to some much stricter criteria."But developers are balking at the plan. In a letter to the executive committee, Joel Pearlman, an executive with Menkes Developments Ltd. who heads an industry lobby group, warns the changes could have "unintended negative consequences."Mr. Pearlman, head of the greater Toronto chapter of the Commercial Real Estate Development Association, known as NAIOP, says that barring applications from such a broad section of Toronto's centre, beyond the traditional boundaries of its financial district, conflicts with the city's goal to attract office development along a large stretch of the waterfront and other downtown areas still without substantial new office space."By excluding [these areas] from the program, the city is effectively working against its own economic self-interest and planning objectives, as these are the exact locations the City has targeted for new office development," Mr. Pearlman says in the letter, which also warns the new environmental standards will make buildings more costly.At the same meeting, Mr. Tory's cabinet-like executive will also be mulling a plan to cap the skyrocketing tax increases that small independent businesses, particularly along a downtown stretch of Yonge Street, have seen in recent years and consider a new 4-per-cent tax on hotel rooms.The IMIT program, which has pledged a total of $566-million in grants for 31 projects, was established under then-mayor David Miller in 2008, when the city was suffering from a long-term building slump amid a global recession. Since then, the city's office market has surged and now posts the lowest vacancy rate in North America, even though new towers have sprung up in its downtown and the "south core," south of the traditional financial district and closer to the waterfront. However, the subsidies have remained in place.After a lengthy review, city bureaucrats are recommending the boundary changes and other reforms: Projects must have a minimum construction value of $5-million and must document the new jobs created. Total tax breaks would be capped at $30-million for each project.Mr. Tory says the tightened program -- which also applies to factories and creative and high-tech industries -- can now be used to lure development outside the core and into the city's suburbs, where the program has been unsuccessful in attracting new office space.A key pillar of the grant program is known as the "but for" principle: The city must establish that the developer's plans would not go ahead without the grant.An external report from Hemson Consulting Ltd., commissioned by the city on the program, says IMIT "likely" played an important role in "catalyzing" office development in the south core and waterfront early on.However, the report concludes that "it is unlikely that the IMIT Program serves as a deciding factor in most site selection processes within the current context of these areas."The report estimates that only 20 per cent to 25 per cent of the 47,000 jobs said to be created by the program were actually new to the city. The remainder, it says were "retained" in Toronto by moves or relocations made possible by the program.City Councillor Gord Perks, a left-leaning critic of the mayor who has long opposed the IMIT program, says it was more limited when first brought in, but now should be scrapped."It has turned into this monster that has cost Torontonians half-a-billion dollars," Mr. Perks said. "It's time to pull the plug."City staff insist the program has meant an average of $29-million in net increased tax revenues each year, arguing that without the tax-refund grants, the qualifying projects â€“ and the bigger tax bills that resulted from the development â€“ would not have gone ahead.Mr. Perks dismisses this notion as naive, however, saying Toronto, with its stable banks and talented work force, would have attracted a development boom over the past decade regardless.Projects receiving IMIT grants include: Oxford Group's $139-million, 30-storey new waterfront home for Royal Bank of Canada, which is getting a $13.8-million discount; the new eastern tower of the Bay Adelaide Centre, home to accounting and consultancy firm Deloitte, which is getting $8.7-million; and First Gulf's $120-million project on King Street East, home to The Globe and Mail and other tenants, which is receiving $11.9-million.There are another 20 projects that have not yet been approved under the current regime of tax grants which developers say they want them to proceed under the old rules.